Metal Investment Holding Corporation, UAE and Power China E&M International signed a joint venture agreement to build three coal-fired power plants in Pakistan’s commercial hub of Karachi with an estimated investment of $5 billion.
The plants to be built at Port Qasim will each have 1320 megawatts capacity and on completion will add new supplies to the national grid and helping in meeting the growing energy demand from both industrial and commercial sectors.
Pakistan’s Board of Investment helped the two companies bring together on the projects that not only brings new investment but also complements the government’s efforts to boost supplies, says a Dec. 15 official investment.
Haji Amin Pardesi, Chairman, Metal Investment Holding Corporation appreciated the Board of Investment for playing a proactive role from the very onset of this project and has provided the umbrella to forge this understanding between the parties.
This will also support to fulfill the energy requirements of the country and to further enhance its economic development, encourages the international investors to develop the Project through foreign direct investment (FDI) and international expertise, he said .
The Joint Venture Agreement was signed by Haji Amin Pardesi, Chairman Metal Investment Holding Corporation, UAE and Ms. Zhou Xinwei, GM Finance, Power China E&M International, China.
Chairman, Board of Investment, Dr. Miftah Ismail ensure to extend full assistance and support to the Metal Investment Holding Corporation, UAE and Power China E&M International, China in obtaining all administrative and regulatory approvals, consents and permissions for the development of the Project, including acquisition of land for the Project and the import of plant and machinery; to complete the project well in time.
He further highlighted that the present government has identified the energy sector as an engine of growth and has taken a number of initiatives to attract foreign investment for exploration of new energy resources and to make the existing power system efficient.
Since the signing of Free Trade Agreement in 2006, business ties between Pakistan and China are on an upward trajectory. The two countries have signed a landmark agreement for the China Pakistan Economic Corridor that involves a total $46 billion.